It is a common practice for two circuits to share a neutral, although a lot of electricians don't like it. An interesting characteristic of this "three wire" circuit is that if the loads are balanced between the two circuits, there is less voltage drop on both circuits than there would be if they had separate neutrals.
HOWEVER, your shop outlets should be GFCI protected, and GFCIs don't like three wire circuits. For this reason, the best way to do it is to run separate hot and cold wires to the switched outlet. You'll need to break both jumpers on the outlet so both hot and cold are separated. (I'm assuming that the switched outlet won't be GFCI'd, but all the other outlets should be on a GFCI.) Even if you don't have a GFCI now, doing it this way will keep you from going nuts if you install a GFCI circuit breaker at a future date.
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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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